Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1887-09-09

A correspondent of the iusbandman says
that there are hundreds of thousands of
acres of corn in Kansas, southern Wiscon
sin and northern Illinois that will be worth
less for any thing but fodder for cattle On
a recent tour from south western Kansas
to New York state | saw many thousands
of acres of corn that was burned from top
to bottom just as though fire had passed
over it. In some places it was just rs dead
as in the middle of winter, and the pastures
were in a similar condition. On both sides
of the railroad tracks the grass was burned
off and the fires had spread over hundreds
of acres on the adjoining farms. Sixty per
cent. Of an average crop will probably be
a high estimate on the entire corn crop of
the country this year, and seventy per cent.
on the oat crop. In some portions of Kan
sas and Nebraska the farmers depend al
most entirely upon corn for money to pay
their taxes, interest on mortgages and for
the support of their families. Quite II large
proportion of the farmers in Kansas have
mortgages on their lands ON which they
pay from eight to ten per cent. interest.
How they will get the money this year to
pay the interest ON these mortgages, aud
taxes, and for the support of their families,
is a question that is yet to be answered.
Many of the farmers will be forced to sell
their farms at what they can get above the
mortgages, or they will he sold out ON fore
closure. The money loaned to them comes
from bankers and money lenders in the
east; the loans are made through bankers
and real estate and loan agents in western
towns and cities, who simply act rs agents
for eastern bankers There are several
companies in New York City that have
many millions of dollars loaned on western
farms The Corbin Banking Company, in
their report for 1884 state that they had
loaned on 1916 mortgages, the face value
value of which was 50, 500, j2S; this money
was loaned at 10 and II per cent, and up
to that time they had foreclosed mortgages
amounting to over S3O9, 439. They state in
their circular that year that after the
original loan, the cost of the foreclosure,
the taxes and amount expended ON attor-
neys' fees, including the commission paid
for sale of property, etc, and about 81
900 interest, the company had paid the bond
holders in interest over 81 POO, 900 and
dividends ON stock SG27 800" This com
pany was organized in 1879 and had then
been in existence but II years Its loan,
are far greater now, and it is only one o
hundreds of companies that have mortgages
on western farms. These mortgages ant
the high rate of interest paid on them vii
gobble up the farms of hundreds of thou
sands of farmers in the west in the mex
few years. Such Il failure of crops as w
had this year is almost fatal to the farmer
who pay ten per cent on borrowed money
There are thousands upon thousands of fam
lies who will have to have help from thei
friends in the east in order to bridge owe
the coming year. In some portions of til
west there was no rain from October las
until May hence the sub soil was not moi,
tened for the support of the growing crop,
The legislatures of the west will have !
pass stay laws to prevent "A large portion q
the farmers in the west from being Stripe
of all the property they own.